FLORIDA 215 ACTUAL EXAM QUESTIONS WITH ANSWERS
GRADED A+ 2025/2026
The designated time period for an equity-indexed annuity is ________ years.
1) two
2) four
3) six
4) seven - Seven
The Social Security Administration defines disability as:
1) the inability to secure another employment position.
2) the inability to support your family.
3) the inability to engage in any substantial gainful work.
4) a condition of acute illness. - the inability to engage in any substantial gainful work
On a 10-year level term policy, if the insured dies after 10 years, what does the
beneficiary receive?
1) Nothing
2) The cash value
3) An amount equal to the premiums paid
4) The full face value - nothing
A health plan with a $5-per-point conversion factor would pay _______ for a 200-point
procedure.
1) $200
2) $500
3) $1,000
4) $1,500 - 1,000
According to the NAIC Uniform Policy Provision law regarding health insurance policies,
how many days does an insured have to provide Notice of Claim to the insurance
company?
1) 7
2) 10
3) 20
4) 30 - 20
What type of annuity settlement would best be used to distribute funds from the
settlement of large sums of money (such as with lawsuits and lotteries)?
1) A fixed settlement annuity
2) A variable annuity
3) A structured settlement annuity
4) A tax sheltered settlement annuity - A structured settlement annuity
Tom's life policy cash value is $15,000 and he has paid $7,000 in premiums. He now
wants to surrender the policy for its cash value. How much is considered nontaxable?
,1) $15,000
2) $8,000
3) $7,000
4) None of it - 7,000
FIGA is the acronym for:
1) Fraternal Investment Government Association.
2) Florida Insurance Guaranty Association.
3) Florida Insurance Government Agency.
4) Florida Insurance Guarantor Agency. - Florida Insurance Guaranty Association
Annuity payment amounts are based upon which of the following factors?
1) Starting principal and interest
2) Interest and income period
3) Income period and starting principal
4) Starting principal, interest, and income period - Starting principal, interest, and
income period
TRUE or FALSE
AD&D policies make benefits payable in the form of principal sum and capital sum -
TRUE
COBRA provides health benefit extensions for ____________ after employment is
terminated.
1) 6 months
2) one year
3) 18 months
4) two years - 18 months
The ________________ provision of the Insurance Code spells out the terms that allow
domestic insurers the right to invest a certain percentage of their total assets in loans or
certain other investments.
1) leeway or basket
2) legal reserve
3) certificate of authority
4) blanket or franchise - leeway or basket
Social Security provides:
1) a death benefit.
2) old age benefits.
3) disability benefits.
4) a death benefit, old age benefits, and disability benefits. - a death benefit, old age
benefits, and disability benefits
Complete this sentence: "Typically, the shorter the premium-paying period, the
_________________."
, 1) higher the premium.
2) lower the premium.
3) higher the cash value.
4) lower the cash value. - higher the premium
Lloyd's of London is an association of individuals and companies that individually:
1) underwrite insurance.
2) create insurance.
3) rate insurance.
4) insure high profile personalities. - underwrite insurance
Self-insuring is an example of:
1) Risk Reduction.
2) Risk Retention.
3) Risk Transference.
4) Risk Avoidance. - risk retention
TRUE or FALSE
Agents must secure company approval prior to the use of any advertisement not
furnished by the insurer. - TRUE
Which of the following does NOT fit in with basic forms of health insurance plans?
1) Medical expense insurance
2) Accidental death and dismemberment insurance
3) Key person insurance
4) Disability income insurance - Key person insurance
There are several ways life insurance is used in business. Which of the following does
NOT apply?
1) As a funding medium
2) As an employee benefit
3) As a dependency period
4) As a form of business interruption insurance - As a dependency period
Insurers are required by law to provide annuity owners with an annual report which
states the units credited to the contract and:
1) the contract's annuitization date.
2) the dollar value of a unit.
3) the full amount of the annuity.
4) a schedule of premium payments. - the dollar value of a unit
If a life insurance applicant is given a conditional receipt, what is the effective date of
coverage?
1) When the initial premium payment is received by the agent
2) The time the insurer accepts the application and issues the policy
GRADED A+ 2025/2026
The designated time period for an equity-indexed annuity is ________ years.
1) two
2) four
3) six
4) seven - Seven
The Social Security Administration defines disability as:
1) the inability to secure another employment position.
2) the inability to support your family.
3) the inability to engage in any substantial gainful work.
4) a condition of acute illness. - the inability to engage in any substantial gainful work
On a 10-year level term policy, if the insured dies after 10 years, what does the
beneficiary receive?
1) Nothing
2) The cash value
3) An amount equal to the premiums paid
4) The full face value - nothing
A health plan with a $5-per-point conversion factor would pay _______ for a 200-point
procedure.
1) $200
2) $500
3) $1,000
4) $1,500 - 1,000
According to the NAIC Uniform Policy Provision law regarding health insurance policies,
how many days does an insured have to provide Notice of Claim to the insurance
company?
1) 7
2) 10
3) 20
4) 30 - 20
What type of annuity settlement would best be used to distribute funds from the
settlement of large sums of money (such as with lawsuits and lotteries)?
1) A fixed settlement annuity
2) A variable annuity
3) A structured settlement annuity
4) A tax sheltered settlement annuity - A structured settlement annuity
Tom's life policy cash value is $15,000 and he has paid $7,000 in premiums. He now
wants to surrender the policy for its cash value. How much is considered nontaxable?
,1) $15,000
2) $8,000
3) $7,000
4) None of it - 7,000
FIGA is the acronym for:
1) Fraternal Investment Government Association.
2) Florida Insurance Guaranty Association.
3) Florida Insurance Government Agency.
4) Florida Insurance Guarantor Agency. - Florida Insurance Guaranty Association
Annuity payment amounts are based upon which of the following factors?
1) Starting principal and interest
2) Interest and income period
3) Income period and starting principal
4) Starting principal, interest, and income period - Starting principal, interest, and
income period
TRUE or FALSE
AD&D policies make benefits payable in the form of principal sum and capital sum -
TRUE
COBRA provides health benefit extensions for ____________ after employment is
terminated.
1) 6 months
2) one year
3) 18 months
4) two years - 18 months
The ________________ provision of the Insurance Code spells out the terms that allow
domestic insurers the right to invest a certain percentage of their total assets in loans or
certain other investments.
1) leeway or basket
2) legal reserve
3) certificate of authority
4) blanket or franchise - leeway or basket
Social Security provides:
1) a death benefit.
2) old age benefits.
3) disability benefits.
4) a death benefit, old age benefits, and disability benefits. - a death benefit, old age
benefits, and disability benefits
Complete this sentence: "Typically, the shorter the premium-paying period, the
_________________."
, 1) higher the premium.
2) lower the premium.
3) higher the cash value.
4) lower the cash value. - higher the premium
Lloyd's of London is an association of individuals and companies that individually:
1) underwrite insurance.
2) create insurance.
3) rate insurance.
4) insure high profile personalities. - underwrite insurance
Self-insuring is an example of:
1) Risk Reduction.
2) Risk Retention.
3) Risk Transference.
4) Risk Avoidance. - risk retention
TRUE or FALSE
Agents must secure company approval prior to the use of any advertisement not
furnished by the insurer. - TRUE
Which of the following does NOT fit in with basic forms of health insurance plans?
1) Medical expense insurance
2) Accidental death and dismemberment insurance
3) Key person insurance
4) Disability income insurance - Key person insurance
There are several ways life insurance is used in business. Which of the following does
NOT apply?
1) As a funding medium
2) As an employee benefit
3) As a dependency period
4) As a form of business interruption insurance - As a dependency period
Insurers are required by law to provide annuity owners with an annual report which
states the units credited to the contract and:
1) the contract's annuitization date.
2) the dollar value of a unit.
3) the full amount of the annuity.
4) a schedule of premium payments. - the dollar value of a unit
If a life insurance applicant is given a conditional receipt, what is the effective date of
coverage?
1) When the initial premium payment is received by the agent
2) The time the insurer accepts the application and issues the policy
